UNG and ES intraday

Two in one...

S&P futures intraday are leading a bit more now, "Patience Grass-hopper"

So I think that will probably keep us close to yesterday's close or at least not on another WMT goose chase, but as we get closer to the close and there are fewer contracts out there, we tend to see some underlying trade shift around to the more volatile side.

I'd consider a weekly call/put if the signal were there, but the G20 is a fundamental event and it's a long weekend.

As for UNG, remember this is an investment-like position, rather than trade, I went with April calls, but that's even kind of far out for me.

As for intraday action, it's doing what I thought it would this morning, there are few "V" reversals.

 This is at least the third week in a row that there was distribution setting up a move down on EIA Nat Gas Thursday, and that's what sent UNG down yesterday on a draw that was about 1% off consensus, hmmm.

The 5 min chart shows additional leading positive divergence today as UNG is below yesterday's close.

The same with the 10-min chart.

Maybe UNG ha another day to go , I suppose it depends on how it looks near the close, but I'd still go for the April calls today.